Bank of New York Mellon will pay a $185 million penalty to British regulators for failing to keep customer money safe during the financial crisis.
The fine brought by the U.K. Financial Conduct Authority settles an investigation into the bank’s practices between November 2007 and August 2013.
The British watchdog said the bank’s failure to “record, reconcile and protect safe custody assets” during that period “was particularly serious given the systemically important nature of the firms.”
The world’s largest custody bank, BNY Mellon safeguards financial assets for clients, including large institutions.
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